Intimation for reappointment of Mr. Arun Kumar Sharma as Whole Time Director of the Company subject to the approval of shareholders at the ensuing AGM.
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At its August 29, 2025 meeting, the board approved multiple items including the reappointment of Mr. Arun Kumar Sharma as Whole Time Director for 2 years effective November 13, 2025, subject to shareholder approval. The board also appointed M/s Monika Kohli & Associates as Secretarial Auditor for 5 years (FY2025-26 to FY2029-30) and elevated COO Mr. Varun Gupta (a second-generation promoter family leader) to Senior Management Personnel. Additionally, the board approved preferential issue of 7,50,000 convertible warrants at Rs. 99 each (totalling Rs. 7.42 crore) to Mr. Varun Gupta and 7,50,000 sweat equity shares to him at Rs. 99 each for value additions over the past 2 years. Further, 13,13,131 Compulsorily Convertible Preference Shares (CCPS) at Rs. 99 each (totalling about Rs. 13 crore) will be issued to promoter group entity Express Infra Financial Consultancy Pvt Ltd against conversion of an existing unsecured loan of Rs. 12.99 crore. The 36th AGM is scheduled for September 30, 2025 via video conferencing.
Existing public shareholders face dilution from multiple preferential allotments and sweat equity, though all instruments are going to promoter/promoter group entities which signals continued promoter commitment. The promoter loan being converted into equity (CCPS) reduces future debt burden but increases promoter's shareholding further. These items require shareholder approval at the upcoming AGM on September 30, 2025.